What's the difference between salary protection insurance & tenant or bill insurance?

Shoni

I want to take out some insurance which would cover me if I lost my job but I'm not sure what the difference is. Surely salary insurance would cover everything. Why would there be any need to take out tenant insurance instead? I'm finding it all a bit confusing - can anyone help? :think:

InsideInsurance

The problem is that many companies call the same thing different names. Some for direct marketing purposes, some for search engine optimisation and generally because the industry tends to use too many TLAs (three letter acronyms)

Tenants insurance to me is Home Contents insurance not ASU or PHI but of cause someone could do an ASU product and call it tenant insurance or rent insurance or such

By the sounds of it you are looking to buy Accident Sickness and Unemployment cover (ASU) which is the budget version of income protection. The advantage is its easy to buy and relatively cheap but the downsides are that they only pay out a relatively short period (most 12 months) and they only confirm cover at the point of claim.

You may want to look at PHI (permanent health insurance) which is the full fat version and covers you for sickness and accident until a specified age (normally 65). Some of these policies you can add on a short term unemployment benefit. They are more complex to buy as you they are underwritten when you get it but then you know you have cover in place. Evidently paying out potentially 30 years is a big plus over just 12 months.

An IFA or Protection Broker will be able to discuss your needs and talk through the options in detail

Shoni

Thanks II

I thought tenant insurance was the same as rent insurance (i.e. pays your rent if you lose your job), but then it looks on a lot of websites like rent insurance is for landlords.

You're right, there are so many products out there it's really confusing but from what you have said I think I want ASU cover as 12 months would hopefully be long enough to get back on my feet if I needed it.